November 17, 2023

Down Payment Assistance Program

Opening Doors for First-Time Homebuyers in Our Community.

Down payment assistance available to eligible first-time homebuyers!

BayCoast Mortgage, a wholly owned subsidiary of BayCoast Bank, is offering Down Payment Assistance program in Massachusetts and Rhode Island to eligible first-time home buyers who are purchasing a home within BayCoast Bank’s Community Reinvestment Act (CRA) Assessment Area or other surrounding municipalities.

Eligibility Requirements

  • To qualify, borrowers must meet income and purchase limits.
  • Applicants will be notified of eligibility and grant amount at the time of loan approval
  • Funds will be available to qualified buyers at the time of the closing

How does this program work?*

The Down Payment Assistance Program offers a total of $500,000 to qualifying borrowers. Program funds of $100,000 will be provided as grants and $400,000 will be accessible to eligible buyers as an interest-free loan, with repayment starting in the sixth year. The program will conclude once the allocated funds are depleted.

Eligible Cities & Towns:


Bristol County
  • Acushnet
  • Attleboro
  • Berkley
  • Dartmouth
  • Dighton
  • Easton
  • Fairhaven
  • Fall River
  • Freetown
  • Mansfield
  • New Bedford
  • North Attleboro
  • Norton
  • Raynham
  • Rehoboth
  • Seekonk
  • Somerset
  • Swansea
  • Taunton
  • Westport
Norfolk County
  • Foxboro
Plymouth County
  • Carver
  • Lakeville
  • Marion
  • Mattapoisett
  • Middleboro
  • Plymouth
  • Wareham
Worcester County
  • Worcester

Rhode Island

Bristol County
  • Barrington
  • Bristol
  • Warren
Kent County
  • Coventry
  • East Greenwich
  • Warwick
  • West Greenwich
  • West Warwick
Newport County
  • Jamestown
  • Little Compton
  • Middletown
  • Newport
  • Portsmouth
  • Tiverton
Providence County
  • Central Falls
  • Cranston
  • Cumberland
  • East Providence
  • Johnston
  • Lincoln
  • North Providence
  • Pawtucket
  • Providence
  • Smithfield
  • Woonsocket

Our BayCoast Mortgage experts can help guide you as you choose the program that suits your needs. 

Contact us to learn more!

By Telephone:
Swansea Location
877-466-2678 – Toll Free
508-742-4777 – Fax

*Tier I = Deferred. No monthly payments or interest accrual. Second mortgage to be forgiven after 5 years if the first mortgage loan is paid on time and property remains owner occupied. If sold within the 5 years, payback of funds is required on a pro rata basis of 20% for each year remaining of the 5 years. Tier II = Monthly payments are deferred for the first 5 years. Loan repayment commences at year 6, interest-free for the remaining 10 years. If home is sold within the first 5 years, the Second Mortgage will need to be paid off in its entirety. New Jersey—BayCoast Mortgage Company, LLC, 330 Swansea Mall Drive, Swansea, MA 02777, 877-466-2678, Licensed Mortgage Banker- NJ Banking and Insurance Department. New Hampshire—Licensed by the New Hampshire Banking Department #19631-MB. Rhode Island—Rhode Island Licensed Lender. Virginia—BayCoast Mortgage Company, LLC, NMLS #1082048 (http://www.nmlsconsumeraccess.org/). Exempt from licensing in MA, CT, PA, MD, NC, SC, and FL. All loans are subject to credit approval.

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